Tri City Attached Home Review Comparison:
The Tri Cities are an informal grouping of the three adjacent cities of Coquitlam, Port Coquitlam, and Port Moody. The Tri Cities also includes the two villages of Anmore and Belcarra. The entire area is located in the northeast sector of Metro Vancouver, and combined, these five communities have a population of roughly 234,000 residents. With vibrant culture, abundant natural beauty, a central location, and a drive to continually evolve and elevate...it is a fantastic place to look for a home.
- All statistics below were gathered on November 6th and compared with September 5th meaning the findings represent the markets overall shift in the last 62 days.
Click Here for September 5th attached statistics comparison to July 15th
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Number of attached listings;
- Port Coquitlam: 142 (down 20)
- Coquitlam: 614 (up 22)
- Port Moody: 114 (down 5)
- Supply has been strong for the entirety of 2024.
- It wasn’t until buyer’s started to pull back in May that supply really started to build up. Buyers have now returned.
- During our last update at the beginning of September we saw supply decrease across the board. This was a first for a 2024 flush with listings.
- 62 days later supply appears to be balanced with a slight downward trend. Yes, Coquitlam saw an increase of 22 listings, but in our last update it saw a decrease of 21 listings. From that perspective it is balanced.
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List Price:
Port Coquitlam:
- High - $1,738,800 (over 4000 sqft townhouse)
- Low - $379,000
- Average -$783,990 (down $3,258)
- Median - $699,450 (down $18,990)
Coquitlam:
- High - $3,100,900 (pre-sale 2200 sqft penthouse)
- Low - $394,900
- Average -$913,089 (up $25,310)
- Median - $799,900 (down $900) --last update the median went up $900
Port Moody:
- High - $2,299,800 (3bed penthouse)
- Low - $419,900
- Average -$939,298 (up $21,409)
- Median - $857,950 (up $7,050)
- In April prices were up across the board. Spring had kicked in and homes were moving. But the summer doldrums set in early, in mid-May, and prices stagnated.
- Since June we have seen prices decline, but nothing dramatic. A slight softening.
- In September the number of new listings leveled off &, some, of the remaining supply adjusted their pricing in order to sell after a lengthy period on market.
- Outside of Port Coquitlam the Tri City area has experienced a slight increase to both average and median price of listings. Now that we know October saw a large influx of buyers it makes sense that pricing may once again be stretching. But just as the decreases were from late April through September…the gains are marginal.
- In Port Coquitlam’s case we will have to see if the downward spike becomes a trend or if it was a symptom of the particular style of the homes currently listed.
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Days on Market:
Port Coquitlam:
- High - 264
- Low - 0
- Average - 47 (same)
- Median -35 (down 2)
Coquitlam:
- High - 964
- Low - 0
- Average - 59 (up 2)
- Median - 36 (down 2)
Port Moody:
- High - 384
- Low - 0
- Average - 44 (down 1)
- Median - 29 (down 8)
- July through September the market slowed down substantially and a trend of extended days on market emerged.
- That being said, overall, 2024 has experienced a relatively slow market.
- While buyers were in the power position for the last several months October saw a large increase in sales which finally stopped days on market from increasing; in fact, median days on market saw a unanimous minor decline in the Tri City area. Although it is too soon to tell, if buyer activity remains high through November days on market should finally begin to come down at a more substantial rate.
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Overview:
The slow summer market is finally beginning to transition. October saw buyers return to the market in a very active capacity; homes are selling. Median days on market have experienced a minor decrease along with median prices. Supply is still high but beginning decrease in 2/3 of the Tri City area. The last 30 days have definitively been a transition period.
If buyers continue to actively pursue purchases and run through the current stock days on market will continue to drop and pricing may begin to reverse and increase again. We are at a turning point and despite the majority of 2024 being slow the market may finish the year on a high point.
Are you looking to purchase a condo or townhouse in the Tri Cities? Let us know the particular area and style of home you are looking for and we will keep an eye on the market for you and let you know when your perfect home is listed.
Let our knowledge and expertise ease your mind, so you don't have to stress over the details. We are here to make your life easier!